Core Insights - In October, the national futures market in China experienced a trading volume of 603 million contracts and a trading value of 61.22 trillion yuan, representing a year-on-year decrease of 13.26% in volume but an increase of 4.54% in value [1] - From January to October, the cumulative trading volume reached 7.347 billion contracts and a cumulative trading value of 608.84 trillion yuan, showing year-on-year growth of 14.86% in volume and 21.82% in value [3] Trading Analysis - The decline in October's trading volume is attributed to the National Day and Mid-Autumn Festival holidays, which reduced trading days by five, along with liquidity shocks from capital inflows and outflows [5] - Financial futures and options saw a decrease in both trading volume and value due to the A-share market closure and fewer trading days [5] - The steel and building materials sector also experienced a decline in trading volume and value, influenced by low real estate sentiment and cyclical downturns [5] - Agricultural products, including oilseeds, soft commodities, and feed, contributed significantly to the drop in trading scale in October [5] - The energy and chemical sectors faced a similar decline in trading volume and value, further impacting the overall trading scale [5] - In contrast, the precious metals sector showed positive growth in both trading volume and value, emerging as a standout performer in October [5] Market Outlook - Despite the decline in October, the overall trend for the first ten months indicates significant year-on-year growth in trading volume and value, driven by surges in precious metals and financial futures [6] - The energy and chemical sectors also contributed positively to the trading scale, while the non-ferrous metals sector benefited from various market dynamics [6] - Looking ahead, it is anticipated that November will see a substantial rebound in trading volume compared to October, with projections for 2025 indicating that trading volume and value will exceed 8.8 billion contracts and 73 trillion yuan, respectively, setting new historical records [6]